What Is National General Life Insurance Company?
National General Life Insurance Company (NGIC) is a U.S.-based insurer that offers a range of life insurance products, including term, whole, and universal life policies. Founded in 1959 and headquartered in Madison, Wisconsin, NGIC operates under the larger National General Holdings Corp., which also provides auto and home insurance. The company is licensed in all 50 states and focuses on providing affordable coverage to individuals and families seeking straightforward protection.
- What Is National General Life Insurance Company?
- Key Products and Coverage Options
- Financial Strength and Ratings
- Underwriting Process and Eligibility
- How National General Stacks Up Against Competitors
- Policy Costs: What Influences Premiums?
- Claims Process and Customer Service
- Who Should Consider National General?
- How to Purchase a Policy from National General
- Bottom Line
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Key Products and Coverage Options
NGIC's life insurance portfolio is built around three core offerings:
- Term Life Insurance: Fixed‑rate coverage for a set period (10, 15, 20, or 30 years) with the option to convert to permanent coverage.
- Whole Life Insurance: Permanent protection that builds cash value over time and guarantees a death benefit.
- Universal Life Insurance: Flexible premium and death benefit options combined with a cash‑value component that earns interest.
All policies can be customized with riders such as accelerated death benefits, waiver of premium, and child term riders.
Financial Strength and Ratings
Financial strength ratings assess an insurer's ability to meet policyholder obligations. National General Life Insurance Company holds the following ratings from major agencies (as of 2024):
| Rating Agency | Rating | Interpretation |
|---|---|---|
| A.M. Best | A‑ (Excellent) | Strong ability to meet ongoing obligations. |
| Standard & Poor's | A‑ | Above‑average financial security. |
| Moody's | A2 | Upper‑medium grade; low credit risk. |
These ratings place NGIC in a solid tier, though they are modestly lower than the highest‑rated carriers such as Northwestern Mutual (A++). The ratings are regularly reviewed and reflect the company's diversified insurance portfolio.
Underwriting Process and Eligibility
NGIC's underwriting is designed for speed and accessibility. The company offers both traditional medical exams and simplified issue options for healthy applicants. Key eligibility criteria include:
- Age: 18–80 (varies by product)
- Minimum face amount: $25,000 for term, $50,000 for permanent
- Health: No major chronic conditions for simplified issue; full medical questionnaire for standard underwriting
Applicants with a clean driving record and stable employment typically receive faster approvals.
How National General Stacks Up Against Competitors
When evaluating life insurers, consumers often compare cost, coverage flexibility, and financial strength. The table below highlights how NGIC compares with two well‑known peers: State Farm and Protective Life.
| Attribute | National General | State Farm | Protective Life |
|---|---|---|---|
| Average Term Rate (30‑year, $500,000) | ~$42/mo | ~$38/mo | ~$40/mo |
| Whole Life Cash‑Value Growth (10‑yr) | Modest | Strong | Moderate |
| A.M. Best Rating | A‑ | A++ | A+ |
| State Availability | All 50 | All 50 | All 50 |
NGIC often wins on price for term policies, while larger carriers may offer higher cash‑value growth in permanent policies.
Policy Costs: What Influences Premiums?
Premiums are calculated based on several factors:
- Age and Gender: Younger applicants pay less; males generally have slightly higher rates.
- Health Status: Non‑smokers and those with normal cholesterol/blood pressure receive lower rates.
- Policy Type & Term Length: Longer terms and permanent policies cost more.
- Riders and Optional Benefits: Adding riders increases the premium.
National General provides an online quote tool that delivers personalized estimates within minutes, helping consumers gauge affordability before applying.
Claims Process and Customer Service
NGIC emphasizes a streamlined claims experience. Policyholders can file a claim online, by phone, or through a mobile app. Typical turnaround times are:
- Initial claim acknowledgment: <24 hours
- Document verification: 3–5 business days
- Benefit payout: within 10 business days after approval
The company's customer satisfaction scores (J.D. Power 2023) rank it in the middle of the market, reflecting solid but not outstanding service.
Who Should Consider National General?
National General Life Insurance Company is a good fit for:
- Budget‑conscious families needing affordable term coverage.
- First‑time buyers who prefer a quick, straightforward application.
- Consumers who value nationwide availability and a single insurer for multiple product lines (auto, home, life).
Those seeking high cash‑value accumulation or premium‑flexible permanent policies may want to compare offers from carriers with stronger A.M. Best ratings.
How to Purchase a Policy from National General
1. Get a Quote: Use the online calculator or call a licensed agent.2. Complete Application: Provide personal, health, and financial information.3. Undergo Underwriting: Choose between full medical exam or simplified issue.4. Review Policy: Ensure coverage limits, beneficiaries, and riders meet your needs.5. Sign and Pay: Make the first premium payment to activate coverage.
Bottom Line
National General Life Insurance Company offers competitively priced term and permanent life policies backed by solid financial ratings. While it may not lead the market in cash‑value growth, its affordability, nationwide licensing, and integration with other insurance products make it a viable option for many U.S. consumers seeking reliable protection.